By Kara Rowland
In a bid to toughen up on Wall Street, the Obama administration next month will ask Congress to impose a new tax on big financial firms, with the president arguing they have to pay for sending the world's financial system into chaos. ( Hmmm... )

( makes you wonder just what was in that book that Hugo Chavez gave to Obama. A blueprint for takeover perhaps? )
The fee would cover all applicable Wall Street banks -- including those that did not accept any money from the Troubled Asset Relief Program -- as the White House argues all firms benefited from the bailout, even if only indirectly. It would be assessed on a bank's liabilities, or its assets minus its core capital, the official said, adding that deposits already facing a separate assessment would be exempt.

( You have to LOVE this next part. You can't punish the unions you know )
The fee would not include U.S. automakers, who have received more than $75 billion in TARP funds. The official said that's because the fee is designed for financial institutions and does not work "for a more industrial company." The administration likewise determined taxing Fannie Mae and Freddie Mac would "not be productive for the taxpayer."

By Kara Rowland
In a bid to toughen up on Wall Street, the Obama administration next month will ask Congress to impose a new tax on big financial firms, with the president arguing they have to pay for sending the world's financial system into chaos. ( Hmmm... )

( makes you wonder just what was in that book that Hugo Chavez gave to Obama. A blueprint for takeover perhaps? )
The fee would cover all applicable Wall Street banks -- including those that did not accept any money from the Troubled Asset Relief Program -- as the White House argues all firms benefited from the bailout, even if only indirectly. It would be assessed on a bank's liabilities, or its assets minus its core capital, the official said, adding that deposits already facing a separate assessment would be exempt.

( You have to LOVE this next part. You can't punish the unions you know )
The fee would not include U.S. automakers, who have received more than $75 billion in TARP funds. The official said that's because the fee is designed for financial institutions and does not work "for a more industrial company." The administration likewise determined taxing Fannie Mae and Freddie Mac would "not be productive for the taxpayer."

By Kara Rowland
In a bid to toughen up on Wall Street, the Obama administration next month will ask Congress to impose a new tax on big financial firms, with the president arguing they have to pay for sending the world's financial system into chaos. ( Hmmm... )

( makes you wonder just what was in that book that Hugo Chavez gave to Obama. A blueprint for takeover perhaps? )
The fee would cover all applicable Wall Street banks -- including those that did not accept any money from the Troubled Asset Relief Program -- as the White House argues all firms benefited from the bailout, even if only indirectly. It would be assessed on a bank's liabilities, or its assets minus its core capital, the official said, adding that deposits already facing a separate assessment would be exempt.

( You have to LOVE this next part. You can't punish the unions you know )
The fee would not include U.S. automakers, who have received more than $75 billion in TARP funds. The official said that's because the fee is designed for financial institutions and does not work "for a more industrial company." The administration likewise determined taxing Fannie Mae and Freddie Mac would "not be productive for the taxpayer."

Did you miss the part "including those that did not accept any money from the Troubled Asset Relief Program" ? Please explain why those institutions should be taxed because others had problems. And please explain why Freddie and Fannie should be exempt? And how about GM and Chrysler's financial divisions? Please elaborate.

By Kara Rowland
In a bid to toughen up on Wall Street, the Obama administration next month will ask Congress to impose a new tax on big financial firms, with the president arguing they have to pay for sending the world's financial system into chaos. ( Hmmm... )

( makes you wonder just what was in that book that Hugo Chavez gave to Obama. A blueprint for takeover perhaps? )
The fee would cover all applicable Wall Street banks -- including those that did not accept any money from the Troubled Asset Relief Program -- as the White House argues all firms benefited from the bailout, even if only indirectly. It would be assessed on a bank's liabilities, or its assets minus its core capital, the official said, adding that deposits already facing a separate assessment would be exempt.

( You have to LOVE this next part. You can't punish the unions you know )
The fee would not include U.S. automakers, who have received more than $75 billion in TARP funds. The official said that's because the fee is designed for financial institutions and does not work "for a more industrial company." The administration likewise determined taxing Fannie Mae and Freddie Mac would "not be productive for the taxpayer."

By Kara Rowland
In a bid to toughen up on Wall Street, the Obama administration next month will ask Congress to impose a new tax on big financial firms, with the president arguing they have to pay for sending the world's financial system into chaos. ( Hmmm... )

( makes you wonder just what was in that book that Hugo Chavez gave to Obama. A blueprint for takeover perhaps? )
The fee would cover all applicable Wall Street banks -- including those that did not accept any money from the Troubled Asset Relief Program -- as the White House argues all firms benefited from the bailout, even if only indirectly. It would be assessed on a bank's liabilities, or its assets minus its core capital, the official said, adding that deposits already facing a separate assessment would be exempt.

( You have to LOVE this next part. You can't punish the unions you know )
The fee would not include U.S. automakers, who have received more than $75 billion in TARP funds. The official said that's because the fee is designed for financial institutions and does not work "for a more industrial company." The administration likewise determined taxing Fannie Mae and Freddie Mac would "not be productive for the taxpayer."

Did you miss the part "including those that did not accept any money from the Troubled Asset Relief Program" ? Please explain why those institutions should be taxed because others had problems. And please explain why Freddie and Fannie should be exempt? And how about GM and Chrysler's financial divisions? Please elaborate.

Click to expand...

Did you miss the part where I asked how this equals a "government takeover"? That was the point of my post. All of the things you just responded with are true, but have nothing to do with your supposed "government takeover".

If the government decides what compensation can be paid, how much profit can be made, and can reach their collective hands in and take the money from private companies, then those companies have essentially been taken over.

Obama is asking for an additional tax from firms who NEVER TOOK bailout money as well as firms who have already paid it ALL BACK WITH INTEREST - to say nothing of the firms who did not want bailout money but were forced to take it.

I suggest you look beyond the teleprompted speech and to the actual substance of what is being proposed. Nearly 2/3rds of the bailout money has already been paid back, with billions in additional interest collected.

Obama is initiating a tax as a means of paying for an agenda, as well as further attempted controls of the banking industry.

A very very dangerous precedent being set here if it is allowed to become law...

If the government decides what compensation can be paid, how much profit can be made, and can reach their collective hands in and take the money from private companies, then those companies have essentially been taken over.

Click to expand...

If a company is on the verge of collapsing, and bringing the entire banking system down with it, and the government bails them out, I see no reason for them not to stop banks from using that bailout money to give huge bonuses.

The government has made NO restrictions on "how much profit can be made".

The government is not "reaching their collective hands in". They are taking the money back.

If the government decides what compensation can be paid, how much profit can be made, and can reach their collective hands in and take the money from private companies, then those companies have essentially been taken over.

By Kara Rowland
In a bid to toughen up on Wall Street, the Obama administration next month will ask Congress to impose a new tax on big financial firms, with the president arguing they have to pay for sending the world's financial system into chaos. ( Hmmm... )

( makes you wonder just what was in that book that Hugo Chavez gave to Obama. A blueprint for takeover perhaps? )
The fee would cover all applicable Wall Street banks -- including those that did not accept any money from the Troubled Asset Relief Program -- as the White House argues all firms benefited from the bailout, even if only indirectly. It would be assessed on a bank's liabilities, or its assets minus its core capital, the official said, adding that deposits already facing a separate assessment would be exempt.

( You have to LOVE this next part. You can't punish the unions you know )
The fee would not include U.S. automakers, who have received more than $75 billion in TARP funds. The official said that's because the fee is designed for financial institutions and does not work "for a more industrial company." The administration likewise determined taxing Fannie Mae and Freddie Mac would "not be productive for the taxpayer."

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